Ron Paul secures major victory: Audit the Fed moves to House floor

Mr. Paul and his supporters accuse the Federal Reserve Bank of mishandling the currency of the United States. In a letter describing the latest victory for the bill, Mr. Paul writes “The Fed has relentlessly increased the supply of U.S. dollars and kept interest rates artificially low. These monetary policies punish thrift, erode the value of savings, and harm older Americans living on fixed incomes and the poor. The Fed’s expansion of the money supply, combined with artificially low interest rates, creates destructive cycles of malinvestment.”He further explains that the Frank-Dodd Act did not go far enough in regulating the Fed, saying that “the audit mandated applies only to emergency credit programs, and only on procedural issues rather than on the substantive details of the lending transactions. Most of the data on its other activities, such as open market operations and discount window lending, have only been published as a result of lawsuits — not congressional action.”

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